Is a Delta-Neutral Position Also Gamma-Neutral?
Not necessarily. A Delta-neutral position simply has a net Delta of zero, but it can have a positive or negative net Gamma.
For instance, a short straddle is Delta-neutral but has negative Gamma. A long straddle is also Delta-neutral but has positive Gamma.
Gamma-neutrality is a separate condition that requires the net Gamma of the portfolio to also be zero, which is a higher level of hedging.
Glossar
Short Straddle
Strategy ⎊ A short straddle, within cryptocurrency derivatives, represents a neutral options strategy predicated on anticipating minimal price movement in the underlying asset.
Long Straddle
Structure ⎊ This strategy involves the simultaneous purchase of an at-the-money call and an at-the-money put option on the same underlying crypto derivative.